bullish

2024

Bull Market

Bitcoin

Divergence

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin [BTC] shows potential for higher price movement, signaling a bullish trend.</li> 
 <li>Institutional interest in Bitcoin continues to grow, strengthening its upward momentum.</li> 
</ul> 
<p> Bitcoin [BTC] has demonstrated a potential for an upward price movement after closing above the Bull Market Support band. This occurred after three consecutive weeks of staying below it.</p> 
<p>Despite brief deviations, the price action now appears to have a bullish trend. The current level of around $67k acts as a key liquidity zone.</p> 
<h2 id="bitcoin-s-bullish-trend">Bitcoin’s Bullish Trend</h2> 
<p>A strong volume breaking through the liquidity zone and staying above it instills confidence in traders and investors to go long. Others might add to their positions.</p> 
<p>The institutional interest in Bitcoin is growing, fuelling its upward momentum. Recently, Semler Scientific purchased an additional 83 Bitcoin, worth $5 million. This increased their total holdings to 1,012 BTC.</p> 
<p>With this acquisition, they are now the fourth-largest Bitcoin-holding company in the US, excluding miners.</p> 
<h2 id="bitcoin-and-sp-500-divergence">Bitcoin and S&amp;P 500 Divergence</h2> 
<p>Bitcoin price movements often reflect those of the U.S. stock market, particularly the S&amp;P 500. However, BTC remains 20% below its July level and 30% below its March 2024 level, despite the market trading near all-time highs.</p> 
<p>This divergence presents an opportunity to buy BTC, with the expectation that it will catch up to the stock market’s recovery.</p> 
<p>Lastly, the increasing supply of stablecoins like USDT and USDC also supports a higher BTC price. Over the past three months, their market capitalization has grown by 3%, indicating rising demand.</p> 
<p>With BTC supply growth slowing after the halving, this increasing demand suggests that price is likely to continue climbing higher.</p>

BTC Surges Past Critical Point: Perfect Opportunity to Invest in Bitcoin?

Table of Contents

CoinEagle.com

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